Your 3 main adversaries in the trading world are:
Greed / Fear / FOMO
Greed hinders your ability to make rational evaluations and assess whether the risk-reward of a transaction is justified.
"The game deeply engrosses me, yet I cannot afford to forgo the essentials hoping to gain the superfluous."
🚦Fear drives you towards impulsive decisions, leading you away from your plans and strategies, or, in extreme cases, paralyzes you into inaction.
🤔All three instincts - "fight, flee, or freeze" - are detrimental in the trading environment. It's always wiser to think rather than act hastily.
😖These two conflicting emotions are crucial: without them, success is unattainable, yet succumbing to them may lead to your downfall.
⚖️ The fearless eventually lose everything, while the stingy, at best, keep what they have. Finding an emotional equilibrium is key.
🚀 FOMO, the driver of the bull crypto market, is everywhere. Events that might interest you happen every few hours, not just daily. It's fine to miss out; no one can catch every opportunity.
🍏Focus on catching a percentage of the opportunities that come your way. Avoid grabbing at those that have already fallen and been tainted by failure.
🧠 The market constantly presents new possibilities to everyone. The most crucial aspect is to remain engaged and think critically.